Towards Improved Monetary Policy in Indonesia: A comment

Gordon de Brouwer

    Research output: Contribution to journalArticle


    This comment argues that inflation-focused policy is appropriate for Indonesia but that it should be directed at underlying inflation over the medium term. It contends that McLeod's monetarist explanation of inflation in Indonesia is unsatisfactory in theory and is not consistent with the evidence: traded goods prices rose before, and substantially more than, non-traded goods prices during the crisis of 1997-98, which is not consistent with the monetarist view that inflation was caused by excessive base money growth.
    Original languageEnglish
    Pages (from-to)325-8
    JournalBulletin of Indonesian Economic Studies
    Issue number3
    Publication statusPublished - 2003


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